Panalpina Annual Report 2011

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40 Success Factors Compliance and Corporate Culture Ethics, values and compliance As a global organization with operations on six continents, Panalpina is integrated into the cultures of many different countries. This makes cross-cultural understanding crucial. Furthermore, Panalpina’s strong corporate culture is based on shared values and ethical behavior that encompass fairness, respect and responsibility. A key aspect of Panalpina’s commitment to outstanding service is its culture of ethical behavior, rigorous compliance with all applicable laws, and the global experience contributed by its employees. Panalpina realizes that its ultimate success depends on its employees’ awareness of the Company’s long term values, and an understanding of how their individual work contributes to the Company’s success. Cultivating strong values and a healthy corporate culture is a long process that calls for commitment and investment on the part of all stakeholders. Global experience supports performance With approximately 500 of its own representative offices in over 80 countries and close collaboration with partner companies in 80 more countries, Panalpina has the global footprint and experience base to help its customers succeed and prosper in the international marketplace. To support this, Panalpina offers its employees an extensive internal exchange program through which they have the opportunity to spend an average of three months abroad within the Company. This popular program remains a priority for 2012 as it provides employees with multi-cultural and international experiences that strengthen cross-border understanding and collaboration. Panalpina’s Code of Conduct The Panalpina Code of Conduct encompasses binding rules on health, safety, and environment; on employee relations (including protection from discrimination and harassment); on ethical business conduct (including fair competition and antitrust and trade regulations); on the strict prohibition on bribery and corruption (including a ban on political contributions by the Company); and on responsibility for Company assets as well as financial integrity. Derived from the United Nations’ Universal Declaration of Human Rights and from internationally recognized environmental standards and labor laws, Panalpina’s Code of Conduct continues to reflect its commitment to integrity and responsibility across all operations and divisions. Panalpina Annual Report 2011 The Code of Conduct is available in 30 languages and is readily accessible by all employees via the intranet and on the Corporate website, see www.panalpina.com/culture. Since 2008, it is applied consistently and rigorously throughout the Company regardless of an employee’s status or tenure; all Panalpina employees are required to sign the Code of Conduct, indicating their commitment to adhere to the standards therein. Staff members are encouraged to report breaches of the Code of Conduct to their line or HR managers, or directly to the Corporate Compliance Office. However, if employees are unwilling or unable to do so, they can also contact a neutral, external hotline or file a confidential report via the internet. Resources and training for compliance Panalpina’s Corporate Compliance Officer reports directly to the CEO and to the Legal and Compliance Committee of the Board of Directors, and is assisted by a team of eight full-time Corporate Compliance Managers. In 2011, Panalpina expanded its corporate compliance team by adding a position dedicated to focusing on trade compliance, which includes oversight of export regulations and issues regarding sanctioned and embargoed countries. Furthermore, in the year under review, the compliance team visited Panalpina operations in 27 countries for one to two weeks each in order to ensure that Code of Conduct and Compliance programs were implemented fully and correctly. The selection of the countries was based in part on the Corruption Perceptions Index of Transparency International, a global civil society organization focused on the fight against corruption. Training has remained a focal point in Panalpina’s overall Compliance Program. Since 2008 it has been supported by an interactive e-learning platform which enables employees to familiarize themselves with the Code of Conduct and various aspects of compliance. This program was enhanced in 2011 by the launch of modules that focus on the topics of anti-trust and anti-corruption. These modules
are specifically designed for employees who may confront these issues in their work. In 2011, Panalpina conducted over 90 on-site compliance training sessions, with over 1000 employees participating worldwide. Sharing compliance initiatives with suppliers and customers Panalpina initiates regular face-to-face discussions, seminars and workshops on various aspects of compliance with its suppliers and customers. This is seen as a key element to building long-term, trusted collaboration among the Company’s different stakeholders. In 2011, Panalpina continued to engage with key suppliers, particularly those in countries where compliance has been seen as particularly important, regarding performance, necessary improvements, and compliance certification standards. Panalpina was admitted as a signatory member to the World Economic Forum Partnering Against Corruption Initiative (PACI) in 2009, and continued its support for this important initiative in 2011. The PACI requires CEO level commitment to zero tolerance for bribery as well as a commitment to implement a practical and effective anti-corruption program within the Company, benchmarked against the PACI Principles. www.panalpina.com / culture Success Factors Panalpina Annual Report 2011 41
Page 1 and 2: Annual Report 2011 A passion for so
Page 3 and 4: Five-year development in million CH
Page 5 and 6: Key figures 2011 Net forwarding rev
Page 7 and 8: Letter to Shareholders Panalpina An
Page 9 and 10: Executive Board (clockwise): Monika
Page 11 and 12: Panalpina’s headquarters closer t
Page 13 and 14: Gross profit per region (2011) Euro
Page 15 and 16: Non-current assets Panalpina’s no
Page 17 and 18: Group Management Structure As at De
Page 19 and 20: Report of the Executive Board North
Page 21 and 22: Logistics Key figures Generated 14
Page 23 and 24: Tim Bauer Lane Manager for Air Frei
Page 25 and 26: Samia Guerroumi Procurement and Cap
Page 27 and 28: Jasmine Medhora of Panalpina’s Pa
Page 29 and 30: Marco Parnitzke Booking Agent for L
Page 31 and 32: Panalpina Annual Report 2011
Page 33 and 34: Success factors as growth drivers 2
Page 35 and 36: Highest compliance standard Our cor
Page 37 and 38: Europe, Middle East, Africa and CIS
Page 39 and 40: Automotive Continued growth of volu
Page 41: Discovering and developing leadersh
Page 45 and 46: Procurement Strong subcontractor re
Page 47 and 48: Poland award in the 9th Logistics P
Page 49 and 50: Previous goals included 5 % reducti
Page 51 and 52: Social Commitment Responsibility to
Page 53 and 54: 2 Capital structure 2.1 Capital On
Page 55 and 56: and Sales Scandinavia and from 1986
Page 57 and 58: and other selected senior managemen
Page 59 and 60: Board since October 2006. Responsib
Page 61 and 62: The voting restrictions do not appl
Page 63 and 64: Global Reporting Initiative www.pan
Page 65 and 66: Contents Consolidated Financial Sta
Page 67 and 68: Consolidated Financial Statements 2
Page 69 and 70: Consolidated Statement of Changes i
Page 71 and 72: Consolidated Statement of Cash Flow
Page 79 and 80: Intangible assets Consolidated Fina
Page 81 and 82: Amortized cost of financial instrum
Page 83 and 84: Cash and cash equivalents and other
Page 87 and 88: 2010 (in million CHF) Europe, Middl
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Management Incentive Plan 09 / 10 (
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9 Board of Directors Restricted Sto
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The Group’s effective tax rate ca
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14 Property, plant and equipment Co
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A summary of the goodwill allocatio
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Consolidated Financial Statements 2
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The table below shows the Group’s
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20 Trade receivables Consolidated F
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Derivative financial instruments ar
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25 Borrowings Consolidated Financia
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2010 (in thousand CHF) Employee ben
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2010 (in thousand CHF) Annual salar
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30 Business combinations/disinvestm
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Company Registered Currency Consoli
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Company Registered Currency Consoli
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Panalpina World Transport (Holding)
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Key Figures in EUR Five-year review
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Balance Sheet as of December 31 (be
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Participations Annual Financial Sta
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Annual Financial Statements 2011 Fu
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Panalpina World Transport (Holding)
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Ordinary gross dividend payments Fi
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Imprint Panalpina World Transport (
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Panalpina Annual Report 2011

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